(EnergyAsia, April 26) — State-owned IndianOil Corp said it will build two oil depots in the towns of Bundu and Giridih to provide “uninterrupted” supply to the country’s northeastern state of Jharkhand. Costing Rs 120 million each, the depots for storing gasoline and kerosene are expected to become operational by 2009. Debashish Sen, IOC general...

(EnergyAsia, April 26) — China’s President Hu Jintao could well have landed a big prize for his high-profile visit to Saudi Arabia this week as ties between the two countries continue to blossom. The world’s oil superpower is looking to help the world’s fastest growing major economy build up its strategic oil stockpile. Obsessed...

(EnergyAsia, April 26) — China’s largest oil refiner, Sinopec, said it will purchase the 370,000 cubic metre Qingyi oil depot in Hong Kong from China Resources Petrochemical Corp as it prepares to deal with increasing competition in the country’s oil markets. It is not known if Sinopec will be buying the entire depot or a...

(EnergyAsia, April 26) — New York-listed Valero L.P. has completed its previously announced sale of Australia and New Zealand subsidiaries to ANZ Terminals Pty Ltd. for a total of approximately US$65 million plus net working capital. The transaction included the sale of eight oil terminals in the two countries with an aggregate storage capacity of...

(EnergyAsia, April 26) — Vopak Horizon Fujairah Ltd has announced plans to build two new berths and expand its oil terminal capacity in Fujairah, the UAE by 360,000 cubic metres. After the expansion, the terminal will have a total capacity of 1.5 million cbm, six berths and a single-point mooring system capable of handling vessels...

(EnergyAsia, April 25) — Singapore’s Keppel FELS Ltd said it has secured an order to construct the first jackup rig for Mercator Lines Ltd (Mercator) for US$180 million. This includes the design, engineering and construction of the rig as well as costs in getting the rig operationally ready. To be delivered in the first quarter...

(EnergyAsia, April 25) — Australian upstream company Santos has promoted Trevor Brown to the position of vice president of geoscience and new ventures, succeeding Jacques Gouadain who is retiring. In his new post, Mr Brown will be responsible for leading Santos’ domestic and international exploration and new ventures efforts. In 2006 Santos is planning...

(EnergyAsia, April 25) — The International Monetary Fund (IMF) said the world’s current account imbalances will persist longer than in the past as a result of high oil prices, adding to the risks associated with these imbalances. In its World Economic Outlook for April 2006, the IMF noted that oil producing countries are more...

(EnergyAsia, April 25) — IndianOil Corporation Ltd said it has signed a Memorandum of Understanding (MoU) with the Haryana State Industrial Development Corporation (HSIDC) to create a special purpose vehicle (SPV) for developing a Rs110 billion petrochemical hub at Panipat. (US$1=Rs42). The MoU was signed by B.M. Bansal, IndianOil’s planning and business development director,...

(EnergyAsia, April 25) — GAIL (India) Limited has signed a memorandum of understanding (MoU) with Australia’s Arrow Energy and Sweden’s Energy Infrastructure Group (EIG) to cooperate in developing coal bed methane (CBM) projects in India and other countries. Arrow Energy is an experienced CBM player in Australia holding substantial CBM acreages. GAIL said that...

(EnergyAsia, April 25) — Oman’s Ministry of Oil and Gas (MOG) and the Dubai Mercantile Exchange Limited (DME) said they have successfully completed their joint working group’s efforts to develop a new Middle East sour crude futures contract. Since signing a Memorandum of Understanding (MoU) in February 2006, the two parties have undertaken an intensive...

(EnergyAsia, April 25) — Hong Kong-listed China Oilfield Services Limited (COSL) said it recently renewed a drilling agreement with Korea’s Daewoo International Corporation for lease of a drilling rig in Myanmar. COSL leased its NH II semi-submersible drilling rig to Daewoo International. COSL said it will provide drilling services and well testing to Daewoo International...

(EnergyAsia, April 25) — Australian upstream company Woodside has provided the following update of its operations for the first quarter. ¥ During the quarter cyclones negatively impacted the North West Shelf however the Q1 2006 production of 14.3 million barrels oil equivalent (mmboe) benefited from first oil in Mauritania (February 2006) and Gulf of...

(EnergyAsia, April 25) — Transportation company Golar LNG Limited said it has agreed to pay A$0.50 a share for 23 million shares of Australia’s Liquefied Natural Gas Limited (LNGL). (US$1=A$1.32). Golar LNG said 13,950,000 of the shares are conditional while 9,050,000 shares are subject to LNGL shareholder approval. Golar LNG said it expects to ultimately...

(EnergyAsia, April 25) — Singapore-listed China Petrotech Holdings Limited (CPHL) said a UK-based private investment firm has bought 16.200533 million of its shares, representing roughly 6.6% of all its issued share capital through a private agreement. Global Emerging Markets bought the shares from CPHL’s main shareholder, Guidance Limited, at an average price of 68.724 Singapore...

(EnergyAsia, April 24) — China Power Investment Corp is expected to become the country’s third nuclear company after China National Nuclear Corp (CNNC) and Guangdong Nuclear Power Holding Co, which are authorised to build nuclear plants in China. The country’s other power companies are allowed only to take minority stakes in nuclear plants. Owing...

(EnergyAsia, April 24) — In the face of significant challenges including a growing reliance on imported oil, coal mine accidents and high energy consumption, the Chinese government has formed a high-level team to develop legislation to encourage energy innovation, efficiency and safety. The National Development and Reform Commission said China needs better legislation to...

(EnergyAsia, April 24) — India’s Tata Group is interested to invest in the nuclear power business when it is opened to the private sector. Tata Group chairman Ratan Tata told the Hindustan Times: “If the government does permit the domestic private sector to participate in civilian nuclear power, we will be interested.” India...

(EnergyAsia, April 24) — State-owned Coal India Ltd (CIL) has increased the allocation of coal to non-core sector consumers, including small and medium enterprises (SMEs), Press Trust of India reported. The move follows complaints by non-core users who claim they are not getting the supply they need. Traditionally, the bulk of coal produced in...

(EnergyAsia, April 24) — ITC Bhadrachalam Paper Division will apply for Kyoto carbon credits for its Coimbatore, Tamil Nadu captive power unit, Indian news media reported. The power unit utilises non-traditional biofuels including de-oiled bran and saw dust mixed with lignite. This makes the company eligible to apply for carbon credits under the small-scale...

(EnergyAsia, April 24) — US consultant ESAI said the reference 0.5% sulphur Singapore gasoil quote has begun losing its relevance as the market benchmark. Instead, ESAI expects the Asian markets will increasingly turn to the 0.05% (or lower) sulphur gasoil-Dubai spread as a new benchmark. “We anticipate that the differentials between low-sulfur and...

(EnergyAsia, April 24) — Salamander Energy Limited, an independent private exploration and production company operating exclusively in Southeast Asia, has completed its second Indonesian acquisition. Salamander recently acquired 100% of the share capital of Bontang Exploration Company (BONEC) whose sole asset is an 80% interest in the Bontang Production Sharing Contract (PSC) in East...

(EnergyAsia, April 24) —US-based Vitasti Inc recently acquired 100% of the assets in Welwind Energy International Corporation (WEIC), which builds, owns and operates wind farms, with an objective to promote sustainable energy in China. It plans to focus on projects in the South China Sea. Under the National Energy Strategy and Policy 2020 (NESP), China...

(EnergyAsia, April 24) — Australia’s leading resources company, BHP Billiton, recently signed the Caroona Exploration Licence. While the granting of the licence was initially announced on 17 February 2006, the signing officially gives the company the sole rights to explore the 350 square kilometre area in Gunnedah, New South Wales. The region is believed to...

(EnergyAsia, April 24) — Fuel with a 5% rapeseed oil content will be made available to private vehicles in Korea from July. Longer term, the government aims to offer biodiesel with a 20% rapeseed oil mix as it wants to reduce Korea’s dependence on imported fossil fuels and emission of greenhouse gases. Motorists will...